to discuss, we're back with rick rieder. ion a few times on this program and i want you to weigh inch central bank as we're talking about reining risks and they're talking about high risk tolerance yet the market is shaking out the risk-free asset. why are we not talking about the riskier assets? the likes of high yields? why are we not seeing the shakeout there? rick: a couple of things. the fundamental principle in all the market is the world because of demographic evolutions. the word's need for income is extraordinary. that is your number one most important. however, we talked about around volley being so low. you're -- volatility being so low. you're seeing in so much the risk assets and fixed incomes. but listen, we're still, if you track the amount of assets that are out there versus the amount that has to be purchased, it starts to change significantly when the e.c.b. starts to reduce q.e. it's when the fed starts to reduce the balance sheets. when people say central banks don't have to do anything, nflation is low. w